"A Business Improvement District enables groups of businesses to commission projects which will lead to improvements in their local trading environments, funded through a local increase in business rates.
The funding cannot be used to support or pay for any services already provided by the public sector, and is ringfenced locally and 100% used to commission and deliver the project or services demanded by local companies."
This arrangement normally lasts for a period of 5 years and is only achievable once the local authority has held a legal ballot. The Secretary of State must be informed and the BID Proposer must produce a business plan that outlines expenditure on mutually beneficial actions and initiatives. Toolkits are available to facilitate development of Business Improvement Districts.
Contact Southern Cross Estate Residents Ltd on 01243 828291.